You are here: Home > articles > Forex > Analysis and trading tips for GBP/USD on July 28 (US session)
Analysis and trading tips for GBP/USD on July 28 (US session)
July 28, 2023 12:22 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Further decline became limited as the test of 1.2774 coincided with the sharp drop of the MACD line from zero. A similar situation happened with the test of 1.2822, but the market signal at that time pointed to buying.
Several important statistics from the US lie ahead. The Personal Consumption Expenditures (PCE) index will show the actual state of inflation in the region, while the data on changes in consumer spending and income levels will provide insights into whether real wages keep up with inflation or not. The University of Michigan Consumer Sentiment index, on the other hand, will demonstrate the overall consumer sentiment and their attitude towards the economy. Positive numbers on these indicators will likely exert pressure on euro, leading to a decline in the pair.
For long positions:
Buy when pound hits 1.2867 (green line on the chart) and take profit at the price of 1.2919 (thicker green line on the chart). Growth will occur amid weak statistics from the US. However, when buying, ensure that the MACD line lies above zero or rises from it.
Pound can also be bought after two consecutive price tests of 1.2828, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2867 and 1.2919.
For short positions:
Sell when pound reaches 1.2828 (red line on the chart) and take profit at the price of 1.2764. Pressure may return in the case of strong reports. However, when selling, make sure that the MACD line lies below zero or drops down from it.
Pound can also be sold after two consecutive price tests of 1.2867, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2828 and 1.2764.
What’s on the chart:
Thin green line – entry price at which you can buy GBP/USD
Thick green line – estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line – entry price at which you can sell GBP/USD
Thick red line – estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.
And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: